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When you first start to budget, it can feel like the fun is taken out of life. Budgeting takes time, puts limits on what you want to do, and can be a real downer – or so it feels. What you don’t expect is that this will ultimately set you free.
Let me start by explaining some advantages of budgeting. If you're prepared for unexpected financial emergencies your stress levels will do a lot better knowing that you can cover it. A lot of research has suggested that stress is very dangerous for us, especially for a long period of time. Let’s try to reduce it as much as possible by hoping for the best, but preparing for the worst. So, how budgeting will be fun is that it will allow you to afford the things you want, reduce your stress levels, and allow you to do the things you love.
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Keep in mind that the general recommendation is to have SIX MONTHS' worth of expenses saved up. If you can’t do six months' worth of expenses at least try to save an emergency repair fund that would cover major appliances, the roof, or other items that might need to be fixed in a home. When looking for a home, add up how much large appliances might cost to repair and make sure you have some savings to cover those repairs. I had a friend who bought a house that had a few AC units and when they all went out at the same time it was a huge expense at once. So, begin with the end in mind and hope for the best but prepare for the worst.
Lastly, determine how much you want to save up for your down payment and remember there are a lot of closing costs. Be aware that closing costs are set by the banks, but you will also need money for other fees during the closing process. Fees during the closing process include inspector fees, appraisal fees, and a few others depending on your needs. At closing, you will need your down payment, title fees, and might also need a year's worth of taxes and insurance depending on your escrow requirements. Be sure to ask your bank what you will need and what your escrow requires.
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